A £30 million bid by London’s National Gallery to prevent the export of Jacopo Pontormo’s Portrait of a Young Man in a Red Cap (1530) has been rejected following the drop in value of the pound in the past months. “While it’s not possible to save every object, the system is designed to strike the right balance between protecting our national cultural heritage and individual property rights,” says a spokeswoman for the Department of Culture, Media and Sport.